In addition , in the article i m up the three foundations of wave theory . i make it clear that the technical analysis " worth in the investment " s practice and mentality . finally , i bring forvrard the fusion way of the technical analysis and the fundamental analysis - - - - the method of the trend " s forecast , namely , study the regulation of the big trend by the fundamental analysis and study the regulation of the small motion by the technical analysis 此外，本文总结了波浪理论的三大基础，明确了技术分析在实际投资中、心理上的存在价值；最后，本文提出了技术分析与基本分析融合的方式? ?趋势预测法，其基本应用是：用基本分析研究大趋势规律、用技术分析研究小波动规律，从而，为建立新的证券分析理论体系奠定了基础。
There are many valuation models such as cdf , eva model , p / e model and p / b model etc . there is one common character of these models that is the input data of these model is all financial information . however , financial analyst usually estimated different value of the same stock using different models and the estimated value was different from the actual market price . what is the reason lead to this result 各种股权估值模型都有一个共同的特点,即模型的输入变量为公司财务信息,但根据不同的模型,证券分析师估出的股票价值都不一样,而且跟市场实际价格往往也有很大的差距,那是什么样的原因导致这种差距呢
On the one hand , we find that security analysts " recommendations can neither lead to abnormal returns nor influence price fluctuation . on the other hand , we use risk - adjusted profit to test the funds " performance persistence and find that funds can not beat the market without favorite treatment , such as subscribing ipo shares . their performance is affected by market 第六章通过对证券分析师荐股行为的研究，一方面发现证券分析师的荐股并非是从个股的基本面理性分析，而是主要根据个股的前期走势，结合证券分析师的羊群效应，说明分析师行为不理性。
A good research paper must write by an excellent analyst . so it is important to improve chinese analysts ’ business quality to promote their predicting ability . secondly , i analyzed the development of the regulation of chinese analysts and compared it to that of american analysts 通过中美证券分析师监管规范的对比发现中国证券分析师制度在规范制定的严格性、规范的详细程度以及规范对于现实情况的更新方面需要进一步加强,监管规范的进一步完善是有效提高证券分析师预测能力的前提。
